Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 17, no. 424: April 29, 1876

Text version:

Real Estate Record AND BUILDERS' GUIDE. Vol. XYII. NEW YORK, SATURDAY, APRIL 29, 1876. No. 424. Published Weekly by THE REAL ESTATE RECORD ASSOCIATION C. W. SWEET...............President and Tbeasukek PRESTON I. SWEET........... Sechetaby. L. ISRAELS............,............Business Ma.vager TERMS. ONE YEAR, in advance___$10 00. Communications shduld be addressed to O. SV. S^W^EJET, ■ Nos. 345 AKD 347 Broadway, The Eeal Estate Eecoed Association will shortly issue a daily paper, which will contain a number of the feahu-es now printed weekly in The Eeal Estate Eecoed, provided that suflS- cient encouragement is given to the enterprise by those most interested in obtaining that class of information. The Datlt Eecobd will not, however, interfere in the slightest degree with the weekly, as now published, which will not only be kept up to its old standard, but con¬ stantly improved. Before undertaking this new project we would be glad to hear from some of our subscribers most interested whether they think a daily publication of this kind desirable. SOME ADYICE. Persons with small accumulations ought to take advantage of the present depreciation in real estate to lay the foundation of email for- turrosfor their children. It is too much the habit of investors to wait until the prices are high before buying. The wiser course, but the one not generally followed, is to buy when everybody else is selling, and sell when every¬ body is buying. Ten thousand dollars wisely invested in real estate in the year 1876 will be worth anywhere from twenty to fifty thousand dollars in 1886. All indications point to the rapid enhancement of the values of real estate as soon as business revives, and the reason for this is obvious. Investments in commercial ventures have proved so misleading, and so much money has been put into corporate en¬ terprises, which has been misused and lost, that investors, profiting by their past experience, will avoid putting .their money out of their hands, and hence we look for a disposition to in¬ vest in standard securities for income, and in real estate for future enhancement of values; in other words, if you please, for specu¬ lation. In a few years we will begin to hear of great fortunes made by land investments. So many of our new railroads, haye run through a wild country, where land is of little value, that increase of population will iiaturally be stimu¬ lated aloag these newly-opened lines of travel. Property worth from three to ten dollars an acre will doable, treble, and quadruple within the next five years; and when we consider how large an extent of country ia affected by the railroads built within the last few yeara, it will be seen that there will be an enormous enhancement of values, and hundreds of thousands of persons will be raised from comparative poverty to afflu¬ ence. The future increase of the population of the country will naturally be contiguous to rail¬ roads; and when once it is perceived that invest¬ ments in low-priced lands are very productive, the money which would ordinarily go into in¬ corporated enterprises will run in the direction of cheap lands accessible to railroad centres. The inauguration and multiplication of local .rapid-transit roads, tbe fashion for apartment houses in large cities, wiU steadily tend against any great enhancement of values in particular localities. The area of land from which to choose will be indefinitely extended. Up to this time a person doing business below Canal street, and wishing a fine residence, was neces¬ sarily confined to such localities as could be reached by the stage, horse-cars or ferry-boat. With the completion of rapid-transit roads through the city and into Westchester County, and over the new bridge into Kings County, it will be possible to choose from ten thousand lovely and desirable sites, and hence we judge that wiser investments for the future wUl be at choice locations within an hour's ride of the business part of New York City. The tendency of rapid-transit roads will inevitably be to spread population over an immensely extended area, and to destroy extravagant values, such as have heretofore obtained for Fifth avenue and West Side properties. And again, this wide dis¬ tribution of residence property will naturally add to the value of business property in New York City. If it is possible for a business man to live fifteen miles away from his store or oJE&ce, it win also render it possible for the families of those who live at a distance from the city to do business therein. The necessity for local stores will be done away with, if the housekeeper can, by means of ihe rapid-transit cars, reach the great depots of trade in the city. We look, therefore, for the time when business property in New York will command better prices than ever, when not only the wholesale establishments, but the great retail business of an immense region •WUl be transacted in the lower portion of Man¬ hattan island. Accessibihty to the New York stores wiU endanger the retail-business prop¬ erty of all our suburbs. Investors with very large means cannot do better than to get possession of business locations, which now can ibe had below Union square marvelously cheap; :but investors with moderate means would do iwell to carefiiUy scan the routes of tho future ^stearn roads outside the city limits for desirable ; investments. All places within a few minutes iwalk of a rapid-transit depot will in time com- i mand large prices. All investments in produc- i tive and cheap lands on the lines of new rail- ! roads are also certain of very great enhancement of values aa population thickens, for it will be many years before any large number of railroad lines is projected. We have practically stopped building railroads for four or five years to come. All these points are worth considering. MARKET REVIEW. EEAI ESTATE MAEKET. Now that holders of real estate have been brought to acknowledge the decUne in values, there is at once ap¬ parent an increased interest in the market, and, though here and there the offers of capitaUsts do not come up to the figures of owners, there is nevertheless already noticeable an increased activity. The offerings at the Exchange Salesroom were enormous during the past week. Though considerahle property not under foreclosure was withdrawn, owing to the dispo¬ sition of investors, who now only look for favorite lots at bed-rock prices, the transactions, neverthe¬ less, aggregate near a million of dollars. The sale of Madison avenue lots, noticed below, was a great leature of the week's market, and the bidding was watched closely by many gentlemen whose names are yet a tower of strength In the real estate market. "Cau¬ tion," however, seemed to be plainly depicted upon the faces of nearly all who surrounded Mr. MuUer's stand, and it was only through the persistent efforts of the auc¬ tioneer that the lots were disposed of by one o'clock. The foUowing is a complete Hst of the pubUc sales: Baxter st., e. s., 85.2 n. Park st, house and lot, 25x100. 6, to James Cassin.....................$1G,700 Broome st., s. s., 70 w. Sullivaa st., two-story frame house and lot. 21.6x35, to E. W. Stevens. 7,774 Broome st., s. w, cor. Wooster st., house and lot, 18.4x75, to J. T. Henderson.................... 20,300 Crosby St., e. 8., 42 s. Spring st. (buUding Nos. 63,65, 67), (}^ interest), to Plaintiff............ 40,000 Canal St., s, s., 126 6 e. Hudsou st., house and lot, 24x70. to a. F. Hunter.................... 13,950 Henry st. (No. 180), house and lot, 23.10x100, to Plaintiff...................................... 2,300 Henry st., 143.3 s. Scammel st., house and lot, 54: X X block, to James BeUesheimer.......... 13,000 Eoosevelt st. (No. 18), e. s., bet. Chatham and Madison sts., two-story brick front house and lot, 17.4x134, to David Hawley................ 4,500 Eoosevelt st., (No. 20). adj. above, four-story brick house and lot, 17.4x138, to David Hawley...... 4,000 Eighteenth st., n. s., 210 e. Broadway, five-story brown stone flat house and plot, 75x92x87x8.6x 8L9, to J. S.Craig............................. 100,000 Twenty-ninth st, (No. 544 West). 2 houses, brick and' iraihe, and lot 25x98.9, to Martin Carpenter.................................... 6,850 Thirty-fourth St., s. s., 225 w. 2d av.,plot 66x98.9, to Plaintiff................................... 18,015 Thirty-sixth St., n s., 175 e. 2il av., four-story brick house and lot, 18.4x98.9, to John H. H. Dunkak...................................... 5,950 Thirty-seventhst., s. s., 250w. 10th av., ocelot, 25x98.9, to A. RoweU......................... 5,000 Thirty eighth st. (No. 337 West), n. s., 300 e. 9th av., four-story brick house and lot, 25x98.9, to .. JuUuBBeck................................... 11,600 iForty-flrst St., n. s., 112 w. 6th av., honse and lot, 12 6x98.9, to D.A. Hammond............. 8,520 Porty-seventh St., n. s,, 150 w. llth av., 2 lots, each 25x100.11, to John Healy (Plaintiff)....... 4.050 Fifty-third St., s. s., 150 w. 6th av., large stables and 3 lots, each 25x100.5, together, to Wm. H. AUen......................................... 49,485 Fifty-third St., d. s., 100 w. lst av., 2 houses and lots, each 20x100 5, to H. F. Giraty (Plaintifl), together...................................... 8,000 Fifty-foiirth st., s. s., 525 e. 6th av., vacant lot, 15x100, to E. J. King.......................... 9,800 Fifty-fourth st., n. s., 345 e. Gth av., 3 lots, each 20.10x100,5, to Edward J. King, together...... 29,400 Fifty-fourth street (So. 50), s. 8.,310e, Sthav,, three-story and basement brick house, 25x40, lot 37.6x100.5, to James G. Lyon.............. 28,800 FUiy-Hixth Bt., n 8., 250 w. 2d av., 4 lots, each 25x104.4, to John McCool.................... 15.000 Fifty-sixth st. (Nos. 210, 212 and 214), s. a., 145 e. 3d av., 3 houses and plot, to H. Korman and J. Cary...................................... 24,350 Eighty-seventh at., s. s., 298 e. Av. A, house and lot,'18x62.10, to Plaintiff...................... 6,385